There has been some discussion around takeover vs scheme. Just...

There has been some discussion around takeover vs scheme. Just to be clear, a scheme is a Court appointed process involving a friendly company i.e. an acquirer cannot go 'hostile' on a scheme - they need the target Board's cooperation.

A scheme is often used to takeover a company because it is an 'all or nothing' process with a lower % threshold for compulsory acquisition i.e. the acquirer does not need to acquire any shares upfront, they simply seek a vote and if they are successful on the voting threshold then the acquirer compulsorily acquires all shares in the target. This contrasts with the takeover route, where the target has to progressively acquire shares and does not achieve the compulsory acquisition threshold until it achieves 90%.

The voting thresholds for a successful scheme are 75% of the votes cast on the scheme resolution and >50% in number of the target shareholders voting on the resolution (in person or by proxy).